A step to rectify the mistake
VAT registration or return filing mostly ends up with errors/mistakes and omission/changes which you often realize after the process is complete or you have to pay the penalties. In such scenarios, the FTA gives you an opportunity to rectify the mistake and avoid the penalties or incur the minimum penalty. Sometimes, you are not able to identify the mistake and continuously suffer due to the same. Our team of professional accounting experts will let you know the errors and define them on your behalf. Once you will get the details, it will be easy for you to disclose before the authorities and safeguard your business identity.
What is VAT Voluntary Disclosure?
It is an online form or process introduced by the FTA that helps the taxpayers to notify the errors and omission if any done in the previous tax return. You can commit a mistake in calculating the Tax amount and or the refund amount. Irrespective of the condition, you have to bear the penalties if the authorities come to know about the same. So, to avoid any complications, it is recommended that you apply for VAT voluntary disclosure.
When should you use a Voluntary Disclosure process?
There are two basic factors where you readily require VAT Voluntary Disclosures. They are:
- When tax amount is paid more or less (Here the differential amount is paid with some limitations)
- When tax refund claimed is more or less
Benefits of VAT Voluntary Disclosure
- It will avoid the penalty amount for you and improve the company identity
- It will help you in better capital allocation decisions
- It will reduce the conflicts of interest in your firm
- It will help to change the mindset of your shareholders
- It will be easy to maintain transparency in business and successfully survive the competition
How we will be helpful for you in VAT Voluntary Disclosure?
Our team of qualified and certified accounting professionals will study all your current VAT documents and compare the same with the previous tax return. After a thorough study and analysis, we will define the requirements and plan the process for the VAT Voluntary Disclosure. The process is not only about filling an online form but supporting the claim with the documents. We will help you prepare the documents and keep them forward on your behalf. Managing everything in a row, we will make everything easy for you in VAT Voluntary Disclosure.
For more details and updates, browse our websites or contact us on the registered mailing details.